My own education in cryptocurrency began a mere three weeks ago and is thoroughly covered in the blogs below:
Since I simply do not believe that I am the only person on Linked In that is (or was) completely clueless about the worlds of cryptocurrency and blockchain technologies, I asked one of my business partners, Major (Retired) Alastair McCartney (Royal British Army) to synthesize the two subjects, which I share below:
Here's a quick crypto overview as requested.
BTC, ETH and LTC
Bitcoin (BTC) is the best-known cryptocurrency and went up to $20k late last year. Right now, as I type, it's current value is 1 bitcoin = $9,114.12. It is currently a little volatile but conservative estimates value it at $25k by the end of the year (150% price rise) with some saying it will be at $200k!
Ethereum (ETH) is the next best-known cryptocurrency and specializes in the ability to build smart contracts that are automatically executed when the requirements are fulfilled (a bit like automating the escrow process). Many alternative cryptocurrencies (known as Alt Coins) are built on the ETH platform.
I would argue that, in general, ETH is better than BTC (but we're not comparing like for like) and, in the medium term, increase in value more than BTC does. It is currently valued at $675.75
Litecoin (LTC) is the third coin that is well known and provides peer-to-peer almost real time payments. It is currently valued at 148.99.
Other 'coins' are known as Alt Coins. Generally, to enter the Alt Coin market you need to have cryptocurrency already (most are not traded against USD). Bitcoin is the most usual method and this affects trading volumes and prices.
For example, if I wanted to buy ADA then I'd likely buy BTC first with my USD and then use my BTC to buy ADA.
Bitcoin is traded down to 8 decimal places. These are known as Satoshi. If was I was to buy ADA now it's trading at 0.00004038 bitcoin. That's known as 4038 Satoshi. It is named after the creator of Bitcoin, Satoshi Nakamoto. This terminology is used frequently and should be understood.
Coin Purchase Considerations
Before purchasing a coin you should consider:
Purpose. What was the coin made for? What problem does it solve? Is it well designed for this purpose?
Adoption. Has it been adopted? Is it becoming popular in solving the problem?
Development. Does it have a strong development team behind it that is absolutely committed to its success? Do they have a strong track record? Belief in this team is critical.
Networking. Is the company actively and progressively networking to ensure mass adoption of their coin and the solution across the breadth of the respected industry?
PR. Do they have good PR? A large percentage of the battle to win bandwidth across the crypto spectrum is getting the public to hear about it and understand it.
Market History. Look at historical trading charts of the coin. Have there been significant bull markets? Is there good potential to profit from this coin? When is the right time to enter (and exit) the market with this coin?
My Top 5 Alt Coins of 2018
I strongly believe in ETH but don't really count this as an Alt Coin. So, my top 5 (in particular order) are:
XRP. Ripple is a well-known coin that enables fast (almost real-time) payments. They are doing great outreach, PR and signing big clients.
XLM. Stellar Lumen connects banks to quickly move money across borders at a low cost. Big companies already using XLM include IBM, Stripe and Deloitte.
ADA. Cardano is a smart contract platform developing advanced features. They have a strong team behind them and are expected to at least double in value in the next 12 months (likely earlier).
SYS. Syscoin has developed a decentralized marketplace with online payments.
SC. Siacoin is decentralized cloud storage. The cloud storage market continues to increase and Siacoin have a great solution and a good team behind them.
I hope this helps. Please let me know if you have questions.
For those of you interested in cryptocurrency mining and perhaps joining in the staggering profit potential, I hope both my blogs and my partner's explanation posted here may push you towards studying the opportunity on your own and then reaching back to me if you wish to explore the possibilities together.
You may learn of my entrepreneurial journey these past 4 decades at www.peterjburns3.com and reach me a email@example.com.